extended TRA model

Although globalization and new advanced technologies have brought numerous benefits to humankind, they have also caused numerous concerns leading to the emergence of the first cryptocurrency Bitcoin after the global crisis of 2008. Despite the exponential growth of cryptocurrency use, scholarly research on this topic remained limited providing contradictory evidence. In this regard, the purpose of this study was to explore factors driving individuals’ behavioral intention to use cryptocurrency in Saudi Arabia by developing a unique research model based on the theory of reasoned action extended by several factors from technology adoption models. Using a quantitative methodology, an online self-administered survey, data were obtained from September to November 2019 from 181 respondents and analyzed by several statistical techniques. The study found attitude as the most significant predictor of intention to use cryptocurrencies in Saudi Arabia, whereas subjective norm, perceived usefulness, perceived enjoyment, personal innovativeness, privacy risk, and financial risk are revealed as significant predictors of attitude and intention towards cryptocurrency use. Security risk was not found as a significant factor of attitude and intention to use cryptocurrencies in Saudi Arabia. The main contributions of this study include the extended TRA model that enables the assessment of this topic from human, financial, and technology perspectives and the provision of the first empirical data on the topic in Saudi Arabia and valuable information for various stakeholders.